Loading...
HomeMy WebLinkAbout875060 Return To: WEt,LS FARaO ~0~ ~OR~, Z~C. 3601 MI~SOTA DR SUITE 200 B~OOMZNGTON, ~ 55435 Prepared By: 1919 DOUGLAS,, 0~, ~ 681010000 [Space Abowe Tlds Line For R~ordin~ Data] MORTGAGE DEFINITIONS Words used in multiple sections o£ this document are defined below mM other words are defined in Sections 3, t 1, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this docmnent, which is dated dULY 30, 2001 together with all Riders to this document. ' (B) "Borrower" is ERNI!IST E CLARK II AND KRISTI MARIE CLARK , HUSBAND AND WIFE Borrower is the mortgago~ under this' Security Instrument, (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION organized and existing under tile laws of THE STATE OF CALIFORNIA WYOMING-Single Famiiy-Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (~®-61WY) fooosl O53 Lender's address is P.O. Box 5137, DES MOINES, IA 503065137 Lender is the mortgagee under this Security Instrunlent. (D) "Note" means the promissory note signed by Borrower and dated JULY 3 0, 2 0 01 The Note states that Borrower owes Lender ONE ItUlq'DR~..D TW~..r.vE TI-.IOUSAND SIX HUNDR~.D AND 00/100 Dollars (U.S. $ * * * * 112,600.00 ) plus interest. Borrower has prolnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than AUOUST 01, 2031 (E) "Property" means the property that is described below nnder the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--] A4justable Rate Rider [---] Condominimn Rider [] Second tlome Rider [~ Balloon Rider [] Planned Unit Developmeut Rider ~ 1-4 Family Rider [~ VA Rider [~ Biweekly Payment Rider [~ Other(s) [specify] (H) "Applical)le Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as ali applicable final, non-appealable judicial opinions. (I) "Commnnity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowuers association or similar organization. (J) "Electronic Funds Transfer" means any transfer of flmds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated thrm;gh an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term inc. ludes, but is not lin:dted to, point-of-sale trausfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of danages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) conderm~ation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~)~-6(WY) tooo5) vago 2 of ~5 ' , Form 3051 1/01 (P) "Successor ill Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the pertk)rmance of Borrower's covenants and agreements under this Security Instrument and the Note. For this puq)ose, Borrower does hereby mortgage, grant m~d convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 9 OF LANCASTER SUBDIVISION, UNIT NO. i, LI.N'COLN COUNTY, WYOMING AS DESCRIBED ON TIlE OFFICIAL PLAT THEREOF. TAX STATEMENTS SIIOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 5137, DES MOINES, IA 503065137 Parcel iD Number: 7 - 3 - 0 4 - 17 o, which currently has the address of 147 LANCASTER LANE [Street] AFTON [Cityl , Wyoming 83110 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easmnents, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is law,fly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to tile Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instnunent covering real property. ~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: ~1. Payment of Principal, Interest, Escrow Items, Prepay~nent Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, tile debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursum]t to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this (~-6(WY) Iooo~) ~ ~ o~ ~5 ' Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: Ca) cash; Cb) money order; Cc) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or Cd) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15, I.ender may return any payment or partial payment it' the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in tile future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each. Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such fimds will be applied to the outstanding principal balance under the Note inm~ediately prior to foreclosure. No offset or claim which Borrower might have now or in the fim~re against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments. or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: Ca) interest due under the Note; Cb) principal due under the Note; Cc) amounts due under Section ¢. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts clue under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment frown Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received f¥om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to tile full payment of' one' or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepaymeuts shall be applied first to any prepayment charges and then as described in the Note~ Auy application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: Ca) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; Cb) leasehold payments or ground rents on the Property, if any; Cc) prexniums for any and all insurance required by Lender under Section 5; and Cd) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of' Mortgage Insurance premimns in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assess~nents shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts 6{WY)(ooo5) ~ge4o~s Form 3051 1/01 due lbr any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall filrnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for ail purposes be deemed to be a covenant and agreement contained in this Secm'ity Instrument, as tile phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay tile amount due for an Escrow Item, Lender may exercise its rights under Sectiou 9 and pay such mnount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender inay revoke the waiver as to aly or all Escrow Items at any time by a notice giveu iii accordance with Sectiou 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed tile maxinmm amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of furore Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in m~y Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified nnder RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be require4 to pay Borrower any interest or earnings ou tile Funds. Borrower and Lender can agree in writing, howe,,er, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, all annual accounti~g of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accouut to Borrower for tile excess fimds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined underRESPA,' Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more titan 12 monthly pay~nents. Upon payment in fllll of all sums secm'ed by this Security Instrument, Lender shall promptly retired to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, titles, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these iteins are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating tile lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrmnent, Lender may give Borrower a notice identifying the 6(WY)(ooo5) pa~.5o~5 Form 3051 1/01 057 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and ally other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for tile periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing tile insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one4ime charge for fiood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting fi'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Propertyl against any risk, hazard or liability and might provide greater or lesser coverage than was previously ineffect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any mnounts disbursed by Lender under this Sectiou 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals or' such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold tile policies and renewal certificates. If Lender requires, Bon'ower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage,' not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and . Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure tile work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoratiou in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made m writiug or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of tile insurance proceeds and shall be tile sole obligation of Borrower. If the restoration or repair is not econmnically feasible or Lender's security would be lessened, tile insurance proceeds shall be applied to tile sums secured by this Security Instrument, whether or not then due, with 6(WY) 1ooo5) p~ a of ~s Form 30§1 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period Will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed, the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not ttien due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall coutinue to occupy the Property as Borrower's principal residence fi)r at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoratio'n is not eco~nomically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage.~ It' insurance or conde~nnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single Payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tile Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residencei 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained iii this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in baI~ruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instnmlent or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasoi~able or appropriate tO protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any Sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~I~-6(WY) Iooo5) P~,~e 7 of iS Form 3051 1/01 attorneys' fees ti) protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not nnder any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrmneut. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from tile mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to tile co_st to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not' available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurm:ce coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss. reserve shall be non-refundahle, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required, to pay Borrower any interest or earnings on such toss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay tile premiums required to maintain Mortgage Insurance in effect, or to prok, idea non-reflmdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purct~ases the Note) for certain losses it :nay incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to ~he mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of flmds that the mortgage insurer may bare available (which may include I\mds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) tunounts that derive t¥om (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying tile mortgage insurer's risk, or reducing losses. If such agreement provides that au affiliate of Lender takes a share of tile insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is ofteu termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any rebind. (~i)~-6{WY} Iooo~) P~o~ 8 ~s Form 30,51 1/01 OL;O 0 6 0 (b) Any such agreements will not affect tile rights Borrower has - if any ~ wi{h respect to the MOrtgage Insurance nnder the Homeowners Ih'otection Act of 1998 or any other law. These rights nmy include tile right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at tile time of such cancellation or termination. 11. Assigmnent of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair, of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have tile right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoratiou in a single disbursement or in a series of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earuings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, tile Miscellaneous Proceeds shall be applied to tile sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value 'of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then duc, with the excess, if any, paid to Borrower. In the eveut of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediateiy before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree iu writing, the sums secured hy this Security Instrument shall be reduced by the amount of tile Miscellaneous Proceeds multiplied by tile following fractiou: (a) the total amount of the sums secured immediately before the partial taking, destruction, . or loss in value divided by (b) the lair market value of the Property immediately before tile partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property ixranediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured inunediately before.the partial taking, destruction, or loss in value, unless Borrower and Leuder otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are theu due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Leuder within 30 days after tile date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of tile Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security lnstniment. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of tile Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are h6reby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied iu the order provided for in Section 2. (~-6(WY) Iooos) ~oe ,9 of ~s '-- ~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of thc time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to retk~se to extend time for payment or otherwise modify amortization of the sums secured by this Security Insu~ment by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Inst~ment; and (c) agrees that Lender and any other Borrower can agree to extend, modi~, tNbear or make any accommodations with reg~d to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Inst~ment in writing, m~d is approved by Lender, shall obtain all of Borrower's rights ~d benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Inst~ment unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided iu Section 20) and benefit the successois and assigns of Leander. 14. Loan Charge. Lender may charge Borrower fees for se~ices performed i~ connection with Borrower's default, for the puq~ose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection ~d valuation fees. In regard to any other fees, the absence of express authority in this Security Instnm~ent to charge a specific i~e to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge i~es that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges,'and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount uecessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this retired by reducing lhe principal owed under the Note or by making a direct payment to Borrower. If a rel~nd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided i~)r under the Note). Borrower's acceptance of any such retired made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notil~ Lender of Borrower's change of address. If Lender specie, es a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any nt~tice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection wilh this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instnm~ent is also required under: Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ~6(WY) (ooo~) P~ io ~f ~ Form 3051 1/01 0 32 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be goverued by federal law and the law of the jurisdiction in which the Property is located. All rights mid obligations contained in this Secui'ity Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract, In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisious of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security histmment: (a) words of the masculine gentler shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and in.clude the plural tu~d vice versa; aud (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy, Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used iix this Section 18, "Interest in the Property" means any legal or beneficial interest iix the Property, including, but riot limited to, those beneficial interests transferred in a bond fi)r deed, contract for deed, instalhnent sales contract or escrow agreemeut, the intent of which is the transfer of title by Borrower at a fi~ture date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural t)erson and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option Shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is giveu in accordance with Section 15 within which Borrower must pay all' sums secured by this Security Instnuneut. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies I~ermitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have euforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrmnent; (b) such other period as Applicable Law inight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instruxnentm~d the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred iii enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance, The Note. or a partial interest in the Note (together with this Security lnstnmlent) can be sold one or more times without prior notice to Borrpwer. A sale might result in a change in the entity (known as tile "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loau servicing obligations under the Note this Security Instrmnent, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given wriiteu notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infi~rmation RESPA Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter tile Loan is serviced by a Loan Servicer other than tile purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the menlber of a class) that arises fi'om tile other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. Tile notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this .Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, polhtants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flannnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where tile Property is lo~.ated that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined ii1 Environmental Law; ~md (d) all "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or ill the Property. Borrower shall not do, nor allow anyone else to do, anythin:g affecting the Property (a) that is itl violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a ttazardous Substance, creates a condition that adversely affects the value of the Property. Tile preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party invoMng the Property and any Itazardous Substance or Environmental Law of which Borrower has actual knowledge,. (b) any Environmental Condition, including but not limited to, any spilling, leakiug, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects tile value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, or any private party, that any removal or other remediation of a~ty Hazardous Substance affecting tile Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligatiou on Lender for an Environmental Cleanup, (~6(WY) Iooos) ~.,~ ~2 o ',5 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lmider further covenant and agree as lbllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 nnless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court a~tion to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all stuns secured by this Security Iustrmnent without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, includiug, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tile power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of thc sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in tile inanner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. Tile proceeds o1' tile sale shall be applied in thc following order: (a) to ail expenses of the sale, including, but'not limited to, reasonable attorneys' fees; (b) to all stuns secured by this Security Instrmnent; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. Form 3051 1701 BY SIGNING BELOW, Borrower accepts and agrees to the terxns and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ERNEST E CLARK II -Borrower KRISTI MARIE CLARK ~Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower ~Borrower (Seal) (Seal) -Borrower -Borrower (~II~6(WY) 1ooo,~1 pa~ ~4 of is Form 3051 1/01 STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this JULY 3 O, 2001 by ERNEST E CLARK II AND KRISTI MARIE CLARK Form 3051 1/03